Seniors Life
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We help seniors live comfortably knowing that their loved ones will be financially secure in the unfortunate event of their passing.
Why Do Canadians Need Seniors Life Insurance?
If you are over 50 and you still have financial liabilities that you would like to pass on to your loved ones, you should purchase Seniors Life Insurance. Your policy can pay for funeral expenses, provide tax-free financial support for your beneficiaries, as well as help your loved ones settle your financial obligations.
Seniors Life Insurance is designed purposefully for older Canadians. Even if you have pre-existing medical conditions, our experts can help find you the best plan.
What factors influence the price of Seniors Life Insurance?
Your insurance premiums will depend on your medical situation, age, lifestyle, gender, and whether or not you smoke. The state of your health will determine if you can qualify for a regular plan or will need to apply for a simplified underwriting policy; the latter would increase your premiums.
Can I name multiple beneficiaries?
A beneficiary is the person who receives the cash value of your death benefit. As a policy holder, you will be required to name this person when you purchase your Life Insurance policy. You are able to name multiple beneficiaries and divide the cash value of your policy among them equally or according to a set percentage. This is useful if you are planning to divide the money amongst your children for example. If a beneficiary passes before you do, you can elect a contingent beneficiary in their place. You may also choose a charity as a beneficiary.
Can I get Seniors Life Insurance with pre-existing medical conditions?
Depending on the state of your health, you may choose between fully underwritten policies and simplified underwriting insurance plans.
Fully Underwritten policies are the standard Life Insurance plans designed for healthy individuals and have the lowest premiums. If your medical issue is not serious and well-managed, you may still qualify; our agents can help you determine if you are eligible for full underwriting.
Simplified Issue or Non-Medical policies do not require a medical exam. You will still be required to complete a medical questionnaire, and depending on your answers, your eligibility and your premiums will be determined. This is an excellent option if you have pre-existing medical conditions.
Guaranteed-Issue plans are hard to insure individuals who do not qualify for Simplified Issue policies. Such plans exist as an option for those with serious medical conditions that significantly raise their odds of passing away.
Is there an age limit for Seniors Life Insurance?
Most term policies expire at a maximum age of 85 and most insurance companies do not provide term-life coverage if the applicant is above the age of 75. Term policies guarantee a lump-sum payout to your beneficiaries if you pass within the agreed upon time period, or “term”.
While seniors below the age of 75 can likely qualify for any policy, if you are above that age, permanent Life Insurance (or Term 100) may be your only option. Such plans guarantee a lump-sum payout if you pass away at any age but have higher premiums.
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Types of Seniors Life Insurance in Canada
The two main types of Life Insurance policies are Permanent Life Insurance and Term Life Insurance.
Permanent Life Insurance
Permanent Life Insurance, also known as “whole life insurance”, covers you for your whole life. These policies ensure a pay out to the beneficiary if the insured person passes away at any point as long as the premiums were paid. It can sometimes build value over time. With Permanent Life Insurance, your premium is typically guaranteed not to increase.
Term Life Insurance
Term Life Insurance can generally be purchased for up to 30 years. Term policies pay out benefits only if the insured person passes away within the agreed upon length of their policy. Term Life Insurance is generally the least expensive.
Participating Whole Life Insurance
Participating Whole Life Insurance opens the doors to an investment component, which allows the insured to earn dividends and increase their coverage. Premiums from participating policies are pooled together and invested by the insurer. This increases their cash value.
Universal Life Insurance
Universal Life Insurance policies tend to have variable premiums that increase along with the policy holder’s age. These policies share the same qualities as Participating Whole Life Insurance plans while providing more flexibility. However, the policy holder is responsible for their own investments which will influence the cash value of their policy.
How to Save Money on Seniors Life Insurance?
We want to help you save your money. The best way to save money on Life Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
What is your age?
Your age bracket has a significant impact on your premiums. The younger you are, the more we suggest purchasing a policy. Avoid higher rates by purchasing Life Insurance before your next birthday.
Are You Healthy?
If you are a healthy individual and can qualify for regular life insurance, apply for a fully underwritten policy to pay notably lower premiums.
Smoker status
Cigarette smokers can pay up to 100% more for the same level of coverage as a non-smoker. To gain a considerable reduction on your premium payments, consider quitting smoking. It will save you money and benefit your health.
Renewing Your Policy?
Over time, rates can change. Instead of renewing your current plan, compare new policies or consider converting your Term plan to a Permanent Life Insurance.
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